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Oil Sees Further Support From Vaccine Efficacy

COMMODITIES
  • Oil futures are up a little over 1% today, supported by various positive headlines from Pfizer relating to three vaccine effectiveness against Omicron. This is a relatively modest move after sizeable rises over the past two days.
  • US DOE inventories were mixed, with crude inventories seeing a smaller draw than forecast at -241k barrels but sizeable builds in both gasoline and distillates.
  • WTI is +1.3% at $72.98, very close to the 20-day EMA of $73.07 whilst initial firm support lies at $65.60 (Dec 3 low). Latest price gains have been predominantly in shorter-dated contracts.
  • Brent is +1.1% at $76.28, at the first resistance level of $76.27 (Dec 7 high) whilst first support is tighter at $73.20 (Dec 7 low).
  • Gold meanwhile is flat at $1784.4. Short-term conditions remain bearish after breaching both the 20- and 50-day EMAs with attention on the base of a bull channel at $1763.8, drawn off the Aug 9 low.
Energy BulletsCommodities
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